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Dec 4, 2012
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and i think opec has apparently been able to manage that but i think on its own, opec is unable to maintain that price if there are real pressures on the demand side. so i think the fact that we've had relative stability around 100, 110 dollars brent is a testimony not only for opec's ability to manage the price, which sink marginal, but a confluence of interests at the moment between both producers and suppliers that this meets somewhere fairly in the middle. >> peter, we've been fairly volatile. a lot of that's down it tto the o geopolitics. and i assume that's the wide card still into 2013. >> iran will be feeling vulnerable. the fact is that over the last few months, it is now producing less than iraq and i think that will increase the feeling of sensitivity on the part of iran. highlighted the threat of instability because it really hasn't got the influence of volume control, so it has to be three more public statements and issues like that. and it tends to put things in the market when there is need for a proos supporice support. >> all right. thanks for that, peter. swiss government
and i think opec has apparently been able to manage that but i think on its own, opec is unable to maintain that price if there are real pressures on the demand side. so i think the fact that we've had relative stability around 100, 110 dollars brent is a testimony not only for opec's ability to manage the price, which sink marginal, but a confluence of interests at the moment between both producers and suppliers that this meets somewhere fairly in the middle. >> peter, we've been fairly...
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Dec 12, 2012
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tensions run high at the opec meeting. the eoe says there must be a response to the oil market that's oversupplied: >> we're, of course, concerned that there will be a certain level of overproduction over the next 18 month or so if the production continues. >>> italy likely to see a strong uptick at the first bond auction after mario monti announced his intention to step down. >>> the international community blast north korea after it successfully launches a long-range rocket prompting an emergency u.n. security council meeting. >>> employment numbers out of the u.k. look strongerment remembe-- stronger. we thought there might be wider unemployment it fall. the claiming count actually down 3,000. the polls forecasting the number of people claiming unemployment benefits to rise. the jobless number down by 82,000 in the last three months through october. the rate 7.8. the employment up by another 40,000 to 29.601 million. the yen another highest on record. still no pressure from wages, average weekly earnings 1.8%. the annua
tensions run high at the opec meeting. the eoe says there must be a response to the oil market that's oversupplied: >> we're, of course, concerned that there will be a certain level of overproduction over the next 18 month or so if the production continues. >>> italy likely to see a strong uptick at the first bond auction after mario monti announced his intention to step down. >>> the international community blast north korea after it successfully launches a long-range...
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Dec 13, 2012
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. >> and in just the last few minutes, the opec secretary said he doesn't see any threat from u.s. shale product, this after the uae minister has suggested a response from the oil ministers in vienna. gary ross, welcome. >> nice to be here. >> the shale revolution in the u.s., is it a game changer as much as we're hearing from jamie dimon, arcelormittal? do you think this is going to make the u.s. energy independent, almost? >> well, we think it is. it's huge. we've statemented about 11110 billion pounds of recovery oil from shale crude. u.s. product will be going up overall, about a million barrels a day in 2013. about 65% of it will be shale crude. and it will continue to grow. >> people should understand we're not just talking about gas. we're talking about methods that's right.extract more oil. gas is clearly surplus. we're going to have l&g exports in the united states. we have a long-term growth phenomenon for natural gas. what people don't realize is how huge the oil is. when we talk about $110 billion of recovered oil, that's on 7.5% recovery rate. the resource itself is hu
. >> and in just the last few minutes, the opec secretary said he doesn't see any threat from u.s. shale product, this after the uae minister has suggested a response from the oil ministers in vienna. gary ross, welcome. >> nice to be here. >> the shale revolution in the u.s., is it a game changer as much as we're hearing from jamie dimon, arcelormittal? do you think this is going to make the u.s. energy independent, almost? >> well, we think it is. it's huge. we've...
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Dec 12, 2012
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. >> opec and the fed, hey, u.s. production up. let's go to sharon epperson at the nymex. >> oil has really been on the move since the open a few minutes ago. not so much opec, which still packed with the current quota around 30 million barrels per day, it is producing more than that. but we are hearing, of course, from opec itself that saudi arabia has reduced its production in november to the lowest level in a year. so that seems to be a way that they will adhere closer to the current quota. we're also looking at the latest report from the international energy agency which may have more of an impact where oil prices are going in this session. they're looking for slightly demand in 2013. and they're pointing to china for the reason. we're anticipating we'll get the report from the energy department at 10:30 a.m. on oil supplies. the expectation is for a slight decline in food supplies. but we did see a major build in the industry report, if that is confirmed we could see these gains short-lived. back to you. >> all right. thank yo
. >> opec and the fed, hey, u.s. production up. let's go to sharon epperson at the nymex. >> oil has really been on the move since the open a few minutes ago. not so much opec, which still packed with the current quota around 30 million barrels per day, it is producing more than that. but we are hearing, of course, from opec itself that saudi arabia has reduced its production in november to the lowest level in a year. so that seems to be a way that they will adhere closer to the...
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Dec 11, 2012
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that's just about where opec members want them. opec will be meeting tomorrow to see who will publicly lead the group. joining us for , zendana hari. good morning. what are your expectations for this meeting? >> we aren't expecting any major surprises so far based on what the ministers coming into the meeting have been saying publicly and even privately. officially, opec will stick to its 30 million a day barrel target. that covers all the members of the group. that would be actually production has been consistently higher ever since this target wab set. almost 1.1 million barrels above the target is what opec has cut into producing. >> heading into a meeting like this, incident isn't just about the supply, it's about demand. we've seen some softening in global production. how much will these countries have to produce next year? is it going to be a demand story ultimately as we look at global growth or is it going to be a supply story, about the middle east and where the flow is actually coming from? >> i think it will be a supply
that's just about where opec members want them. opec will be meeting tomorrow to see who will publicly lead the group. joining us for , zendana hari. good morning. what are your expectations for this meeting? >> we aren't expecting any major surprises so far based on what the ministers coming into the meeting have been saying publicly and even privately. officially, opec will stick to its 30 million a day barrel target. that covers all the members of the group. that would be actually...
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as well as the unrest here in kuwait of course as an opec member any sort of unrest on the streets is bound to have some sort of impact on oil prices as well as the pentagon's plans to use the oil rich nation as a hub for its get ground forces in order to build up a countering force to the perceived threats by iran of course kuwait is home to three u.s. military bases watching the stats increase in numbers here with all of the main withdrawal from afghanistan a closer look this is what you see captain of r t two eight. meanwhile protesters are rallying in egypt against what they call an oppressive regime firing to stop a new constitution seen as undermining democratic freedoms the draft was hastily. approved by the by an islamist dominated assembly on friday which added fuel to the political crisis sparked last week when president morsi ashamed sweeping new powers journalist truly explains why protest is are opposing the draft so strongly they say is that a first of all it's drafted by islamist dominated assembly it doesn't represent egypt on top of that of course is the sharia law an
as well as the unrest here in kuwait of course as an opec member any sort of unrest on the streets is bound to have some sort of impact on oil prices as well as the pentagon's plans to use the oil rich nation as a hub for its get ground forces in order to build up a countering force to the perceived threats by iran of course kuwait is home to three u.s. military bases watching the stats increase in numbers here with all of the main withdrawal from afghanistan a closer look this is what you see...
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Dec 28, 2012
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at the moment, really we've got to see what opec wants to do. last year, the impact of the embargo wasn't -- was like a six week impact and it was forgotten about very quickly. and if you think about it, last year was a very, very steady year for oil prices. wti, as you said, is going to post the lowest rise in several years. in fact, i looked back in my forecast that i had for wti at the beginning of 2012. and it was $111 $a barrel. i moved it down to $110 in the middle of the year thinking it might get a little weaker and poked around and did absolutely nothing. >> i wonder whether the question is going to come back again into the oil markets given that we're looking at the israeli elections coming up in january. but back to the u.s. story, i find it hugely interesting, this notion of u.s. becoming energy independent on its own. do you really think it will happen? because i still talk to a couple of people in the oim and gas industry that say, you know what? it's a far cry from the reality out there. we're still going to see the middle east be
at the moment, really we've got to see what opec wants to do. last year, the impact of the embargo wasn't -- was like a six week impact and it was forgotten about very quickly. and if you think about it, last year was a very, very steady year for oil prices. wti, as you said, is going to post the lowest rise in several years. in fact, i looked back in my forecast that i had for wti at the beginning of 2012. and it was $111 $a barrel. i moved it down to $110 in the middle of the year thinking it...
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Dec 10, 2012
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just how china comes into play here or sometimes even some of the middle eastern partners are where opec comes in and start to address crisis or supply in particular or technically how the market trades itself around that band. there was never really a premise to where people were looking for that to exceed 27 or '8, it started getting into the 30 level because of fundamental breakdowns. and i think that's the reason why a lot of people are starting to look at the historics to see if we hit that moving average which is much lower. >> michael gur ka from spectrum asset management, thank you so much. and thank you, everyone, for tuning into the show. i'm kelly evans. ross westgate will be back here tomorrow morning. now it's time for "squawk box" in the u.s. we'll keep an eye on the markets. have a great day. >>> good morning. president obama and john boehner meet face-to-face on sunday. does it mean we're any closer to the solution to the fiscal cliff? >>> a news conference by chairman ben bernanke, set for wednesday.
just how china comes into play here or sometimes even some of the middle eastern partners are where opec comes in and start to address crisis or supply in particular or technically how the market trades itself around that band. there was never really a premise to where people were looking for that to exceed 27 or '8, it started getting into the 30 level because of fundamental breakdowns. and i think that's the reason why a lot of people are starting to look at the historics to see if we hit...
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Dec 11, 2012
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opec ministers are in vienna. >> why vienna, by the way? >> i don't know why they originally set it there, but it seems like as good a place as any. have you been? >> i have not been. >> i don't think i've ever been to vienna. i always wondered about that. >> i mean, it's better than meeting in, i don't know, skokie, right? they're expected to retain its 28 million barrel a day output target. but the real drama is likely to be about leadership, the world's leading oil exporters are expected to argue about who should be opec's next secretary general and we have candidates from iran, iraq and saudi ara a arabia. they're all competing to replace the current leader, as you can see there. abdallah salem el badri, he's 72 years old and he's been there for years. i don't know where i've been for five years, but did you know -- >> i apologize in advance. i didn't. >> you could have said you did and we've been best friends, in fact. >> he's completely changed the entire operation. anyway, did a great job. >> in global market news this morning, stock
opec ministers are in vienna. >> why vienna, by the way? >> i don't know why they originally set it there, but it seems like as good a place as any. have you been? >> i have not been. >> i don't think i've ever been to vienna. i always wondered about that. >> i mean, it's better than meeting in, i don't know, skokie, right? they're expected to retain its 28 million barrel a day output target. but the real drama is likely to be about leadership, the world's leading...
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Dec 31, 2012
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the opec nations, what they're doing to us is incredible. and i look at what's going on and all we do is just kick the ball down the road, keep going along. i'd rather go over the cliff and make the big deal. don't forget, we have a very important moment coming up in about a month and that's the debt ceiling. and for those people that don't get it, that think the republicans have no cards, and unfortunately, you know, i'm a republican and i can tell you we have lots of cards. the republican negotiators have lots of cards because we have the debt ceiling coming up. >> juliet: i actually sort of wanted to segueway into that. you mentioned leadership on both sides of the aisle questioning the strength of the leadership. lindsey graham was on fox news yesterday and he said a couple things that were interesting. and one thing, he used the term, the president won. you elaborate more, and you can't take it out of context. what's the feelings about how the republicans have, and since you are a republican, how they have a.c.t.ed and negotiated throug
the opec nations, what they're doing to us is incredible. and i look at what's going on and all we do is just kick the ball down the road, keep going along. i'd rather go over the cliff and make the big deal. don't forget, we have a very important moment coming up in about a month and that's the debt ceiling. and for those people that don't get it, that think the republicans have no cards, and unfortunately, you know, i'm a republican and i can tell you we have lots of cards. the republican...
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Dec 6, 2012
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there's a lot to look forward to, david, on this front with the opec meeting next week as well. back to you. >> thank you very much sharon epperson. >> we did want to note for the viewers, a fairly large hedge fund that was in the news for not good reasons. diamondback capital management, a fund run by richard shimmal and larry kipanzi. richard schimel is the e ex-brother in law. lock capital management. two of those had already closed. level global has closed, in fact one of us founders, andrew chasen is on trial right now. diamondback went down to about $2 billion, but as of this morning, that is no long ter case. the hedge fund saying that given redemption requests came in about 26% of total asset ors $520 million. it would be left with $1.45 billion apparently that's just not enough to run the successful hedge fund. they did have 140 or so people working for them. not sure how much they have trended that. as of now, their seven-year track record at this point. but they have spending redemptions as you might expect. rushing all of the assets to fund holders. often times in th
there's a lot to look forward to, david, on this front with the opec meeting next week as well. back to you. >> thank you very much sharon epperson. >> we did want to note for the viewers, a fairly large hedge fund that was in the news for not good reasons. diamondback capital management, a fund run by richard shimmal and larry kipanzi. richard schimel is the e ex-brother in law. lock capital management. two of those had already closed. level global has closed, in fact one of us...